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ID Theft and Legal Insurance
According to the FTC, Identity Theft is on the rise and is now America’s #1 crime and the fastest growing crime. (Click here to see a clip on identity theft)
“People whose identities have been stolen can spend months or years – and thousands of dollars cleaning up the mess the thieves
have made of their good name and credit record.” - Federal Trade Commission
Current estimates by the Federal Trade Commission indicate that there may be as may as 10 million victims of identity
theft each year. FTC studies estimate that victims of identity theft spend $5 billion to undo its harm, while businesses
lose nearly $50 billion in revenue annually. Identity theft is a serious crime – its impact on consumers and businesses is staggering.
There is no way to prevent identity theft, but there is a way to protect and vastly limit your liabilities whether you are
an employee, management, or owner with our ID Theft and Legal Insurance products and our Proactive Defense System
which is designed to help educate on legislation such as FACTA, GLB, and State specific laws that
affect your business, and implement compliance procedures to abide by these laws and minimize the risks associated with each legislation.
With the creation of FACTA (Fair and Accurate Credit Transactions Act), the responsibility may be placed on you, the business owner.
If any data regarding your customers, employees or vendors is stolen, lost, mishandled or misplaced, you may find yourself
facing legal issues or fines or both.
Betsy Broder, Assistant Director of the Federal Trade Commission’s Division of Privacy
and Identity Protection states, “We need to see that you’ve taken reasonable steps to protect your customer’s information…and
will act against the companies that don’t…” “All businesses should look to the law for guidance on how to protect consumer data.
” Stolen Lives, ABA Journal, March 2006
87% of Business owners are not aware of FACTA and the associated laws and have not
implemented the policies within their business practices. “If you experience a security breach, 20% of your affected customer
base will no longer do business with you, 40% will consider ending the relationship, and 5% will be hiring lawyers!”
CIO Magazine, The Coming Pandemic, Michael Freidenberg, May 15th, 2006
Front page USA Today headlines recently featured a May 15, 2006 headline from Michael Friedenberg, President & CEO
of CIO Magazine, “The Coming Pandemic – No, not bird flu, Identity Theft”. The editorial continues, “David McIntyre, CEO of TriWest, reported that 53 million identities have been
stolen to date and 19,000 more are stolen every day. When it comes to cleaning up this mess, companies on average spend
1,600 work hours per incident at a cost of $40,000 to $92,000 per victim.”
ID Theft Solutions of America invites you to learn more about FACTA, identity theft in the workplace, and how to mitigate
your liability with the Proactive Defense System and the Identity Theft Insurance as an employee benefit.
Give us a call today and arrange for a Certified Identity Theft Specialist to come to your office to show you and your
workforce how they can safeguard themselves against this serious crime. 800-735-4850 x6
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